Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Options for managing debt

Alabama residents have several options for managing their debts.  By choosing one of these options, one is able to take control of their current financial situation and move forward towards a debt-free life.

One alternative to bankruptcy is debt negotiation.  Debt negotiation can involve debt consolidation or debt management.  Debt consolidation consolidates an individual’s debts into one lump sum that is paid monthly.  In addition, debt consolidation can actually lower your debt by extending a payback period.  Debt consolidation may also offer a lower interest rate.

In debt management, professionals can also negotiate a lower monthly payment or interest rate.  However, individuals opting for debt management will pay a single payment to a company which will divide it among creditors.

If you or someone you know would like to better manage their debts, contact the Birmingham debt negotiation attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about debt negotiation.

Many people’s tax refunds will be used to pay off debts

With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.

One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny of it will be going to student loans that he took out while in college.

The Gainseville Community Service Center, which helped people file their taxes for free, reported that a majority of the people stated that they would be using their tax refunds to pay off debt and that they live paycheck to paycheck. When asked how much money they had in savings, the highest amount was $120.

Debt can accumulate due to student loans, credit card bills, and medical bills, among other reasons, and can be excruciatingly stressful to pay off. If you are in debt and would like to discuss your options, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Alabama Residents Have Low Credit Scores

A recent survey showed that, while the credit card debt of Alabama families has gotten lower in 2011, credit scores are at an all-time low. Alabama had an average credit score of 642 in January, which was the fourth lowest credit score in the U.S.

These statistics could be due to the fact that people are not using credit cards as much as they used to because they are afraid of accumulating debt, so, while debt is decreasing, credit scores are also decreasing. Low credit scores can have a negative effect on buying a house and car, so maintaining a good credit score is vital.

To decrease debt while still using a credit card freely, make sure to always check for hidden fees and charges by your credit card company. If you know your company’s rules inside and out, you should have no problem using a credit card without sinking into debt.

If you or someone you love is in debt because of credit cards, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Borders reportedly hires bankruptcy lawyers

According to a recent news report, Borders Group Inc., the U.S-based international book retailer, has hired bankruptcy lawyers to assist with its growing debt problem.

It is not yet clear whether the company will file for bankruptcy. The company has “hired bankruptcy and restructuring lawyers”, a recent Wall Street Journal report states.

Borders has already begun cutting jobs to alleviate its debt burden. On Monday, the company announced that 45 positions at its corporate headquarters had been eliminated.

If you are facing large amounts of debt and are struggling to make monthly payments, bankruptcy is one option that can help to restart your finances. To speak with an experienced Birmingham bankruptcy lawyer regarding your legal options, contact Greenway Bankruptcy Law, LLC, today at (205) 324-4000.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000